Askari poised for growth as it becomes debt free
ASX-listed Askari Metals has successfully repaid, in full, its convertible note facility with Lawson Mining, as well as the remaining balance of the Series B Redeemable Notes, leaving it debt-free, significantly strengthening the balance sheet and eliminating any dilution or security overhang on the company’s securities.
With a clean capital structure and strong cash position, Askari is now well positioned to allocate capital directly into high-impact exploration, accelerating value creation across its portfolio of gold, copper and critical metals assets in Ethiopia and Namibia, the company highlights.
“Repayment of all our corporate debt marks an important inflection point for Askari. We now have a clean capital structure, a strong balance sheet and the financial flexibility to execute on our growth strategy without an overhang on our securities,” executive director Gino D’Anna says.
He highlights the company’s Nejo gold and copper mine, in Ethiopia, as flagship asset for the company, with a clear pathway toward a maiden Joint Ore Reserves Committee-compliant resource through systematic, staged exploration.
“With drilling preparations well advanced, we are excited to commence our maiden drill programme and unlock the value potential of this highly prospective gold and copper system.
“At the same time, recommencing work at Uis [tin/tantalum/lithium project, in Namibia] provides shareholders with compelling exposure to tin and critical metals at a time of strong commodity pricing and improving sector sentiment. We look forward to delivering consistent news flow and building shareholder value as we enter this next phase of growth,” he comments.
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